Help to Buy

Secure your Reiver Home with a 5% deposit

The Government-backed Help to Buy initiative is available to help home buyers move into a new-build home with just a 5% deposit on homes up to the value of £600,000. The Government will lend you up to 20% of the value of your new home through the Help to Buy: Equity Loan scheme, meaning you only need to secure a 75% mortgage.

For example, if you were to buy a home valued at £200,000, you could purchase the property with just a 5% deposit (£10,000) and a 75% mortgage (£150,000) with the remaining 20% (£40,000) made up by the Help to Buy: Equity Loan.

The 20% Equity Loan is interest free for the first 5 years of owning your home, which could make your monthly mortgage repayments lower. This initiative is available to help all homebuyers, not just first time buyers, to own their own new build home in England.

Find out more about the initiative by downloading the Government’s Help to Buy Buyer’s Guide, which is available here, or by giving us a call on 01228 588090 and speaking to one of the team.

Help to Buy (Scotland) Affordable New Build Scheme

The Help to Buy (Scotland) Affordable New Build Scheme aims to help both first time buyers and existing homeowners to buy an affordable new build home, with the scheme running until 31st March 2019.

The scheme provides help for up to 15% of the purchase price of an affordable new build home. If your application to the scheme is eligible, the Scottish Government will help you to buy a new build home so you don’t have to fund all of it.

Your mortgage lender is likely to require you to contribute a deposit of around 5% with your mortgage and deposit covering a combined minimum 85% of the total purchase price. Your mortgage must be from a qualifying lender and must be a repayment mortgage.

There are maximum ceiling figures which will apply to the price of a home that you are able to buy with assistance from the scheme which are:

  • For financial year 2017/18 which is for purchases which complete on or before 31st March 2018, the threshold price is £200,000
  • For financial year 2018/19 which is for purchases which complete on or before 31st March 2019, the threshold price is £200,000

For further information and a full list of terms and conditions download the Scottish Government’s ‘Information for Buyers’ leaflet here.

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